Yep, here comes the next pandemic bailout … and it seems Congress won’t even have to act again.
Treasury Department backs plan by Gov. Gavin Newsom to help delinquent mortgage holders.
The U.S. Department of Treasury on Monday backed California Gov. Gavin Newsom's $1 billion mortgage relief grant program, clearing the way for its launch in just a few weeks. The governor estimates that between 20,000 to 40,000 California homeowners could benefit from the program, dubbed the California Mortgage Relief Program.
"We are committed to supporting those hit hardest by the pandemic, and that includes homeowners who have fallen behind on their housing payments," Newsom said in a statement Monday. "No one should have to live in fear of losing the roof over their head, so we're stepping up to support struggling homeowners to get them the resources they need to cover past due mortgage payments."
The program will fully cover overdue housing payments of up to $80,000 per household.
Since most mortgages in California are held by massive multinational investment firms like Blackrock or Blackstone, this is just another way for them to transfer wealth through the IRS into the pockets of their investors. They buy the properties with newly minted money borrowed from the Federal Reserve, ignore a few payments on the mortgage and Gave-in Nuisance pays it off for them with US tax money. How can that be wrong? It's a win/win for the leaches who produce no wealth but are happy to extract it from the people.